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Union Budget 2017: As it happened
Finance Minister Arun Jaitley on Wednesday proposed to reduce existing rate of taxation of those with income between 2.5 lakh to 5 lakh from 10 percent to 5 percent while presenting the Union Budget 2017.
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New Delhi: Finance Minister Arun Jaitley on Wednesday proposed to reduce existing rate of taxation of those with income between Rs 2.5 lakh to Rs 5 lakh from 10 percent to 5 percent while presenting the Union Budget 2017.
Jaitley also proposed not to impose any tax on income up to Rs 3 lakh.
However, he announced a 10 percent surcharge on individual income above Rs 50 lakh and upto Rs 1 crore to make up for Rs 15,000 crore loss of due to cut in personal I-T rate. Additionally, the 15 percent surcharge on income above Rs 1 crore will continue.
Personal Income Tax
-No tax on income up to Rs 3 lakh
-Rate of taxation reduced from existing 10 percent to 5 percent for individual assesses between income of Rs 2.5 lakhs to Rs 5 lakhs
-While the taxation liability of people with income up to Rs 5 lakhs is being reduced to half, all the other categories of tax payers in the subsequent slabs will also get a uniform benefit of Rs 12,500 per person
-10 percent surcharge on people earning between Rs 50 lakh and 1 crore
-15 percent surcharge on income above Rs 1 crore will continue
-Simple one-page form to be filed as Income Tax Return for the category of individuals having taxable income up to Rs 5 lakhs other than business income
-3-year period for long-term capital gains tax on immovable property reduced to 2 years
-Carpet area and not built up area to be considered for affordable housing
-Propose to amend the RBI Act for issue of electoral bonds for political funding
-Maximum donation a political party can receive by cash capped at Rs 2,000; down from Rs 20,000
-Cheques and e-transactions for political donations above Rs 2,000
-Government considering option to amend Negotiable Instruments Act to ensure that holders of dishonoured cheques get payment
- The profit-linked deduction available to start-ups for three years out of five years is now being changed to three years out of seven years
-National Housing Bank will refinance loans worth Rs 20,000 crore
-LNG basic customs duty halved from 5 percent
-Allocation of Rs 10,000 crore for Bharat Net project for providing high-speed broadband through optical fiber
-No transaction above Rs 3 lakhs to be permitted in cash
-A political party can receive a maximum of Rs 2000 cash donation from any one source
-Political parties can receive donation by cheque of digital payments from donors
-An amendment to the RBI Act has been proposed which will enable issuance of electoral bonds. Donor can purchase bonds from designated banks, and these bonds can be redeemed by a political party within a prescribed limit.
TAX
-Capital gains tax exempted for the land pooled to build Andhra Pradesh's new capital effective from June 02, 2014
-Capital gains tax holding period down to 2 years from 3 years
-Not practical to remove MAT. Companies to carry forward their MAT to 15 years from the present period of five years.
-Tax relief for builders with unsold flats
-Income tax for companies with annual turnover of less than Rs 50 crore reduced to 25 percent
-96 percent of India's companies will benefit by the 5 percent reduction in the tax
-Data mining through demonetisation will help in increasing the tax net
-17% increase in tax collections
-Will make tax collection effective
-Rate of growth in advance in personal income tax in last 3 quarters is over 34.8%
-Affordable housing: the carpet area of 30 and 60 sq metres will now be counted.
-30 sq metres will be counted only in the municipal limits of 4 Metros
-Houses which remain unoccupied one year after the completion certificate will attract tax
-Changes in capital gains on sale of property
-Direct tax collection is not commensurate with income and expenditure in the country
-3.7 crore people filed returns in 2015; out of them 99 lakh showed income of less than Rs 2 lakh
-76 lakh people declared income more than Rs 5 lakhs and out of them 56 lakh are salaried class
-Corporate returns filed very low
-Only 24 lakh individuals showed income over Rs 10 lakhs
Budget estimates:
- 3% fiscal deficit roadmap recommended for the next 3 years
-Fiscal target for 2017-18 has been pegged at 3.2 percent
-Target will be 3 percent next year
-Rs 21,47,000 crore – total expenditure
-Capital expenditure increased by 25.4 percent
-Defense expenses, excluding pensions: Rs 2,74,114 crore
-8 districts of Haryana and Chandigarh have become kerosene free
-Head post offices will act as passport offices
-Web-based system of defense pensioners will be established
-Will merge tribunals wherever appropriate
-Government mulling introduction of legal changes to confiscate assets of offenders, including economic offenders, who flee the country
-125 lakh people have adopted BHIM App
-Two new schemes will be launched to increase the reach of BHIM App
-Aadhar Pay to be launched
-Additional 10 lakh POS by March 2017
-20 lakh Aadhar POS by the end of 2017
-Target of 2,500 crore digital payments
-A payment regulatory board to be set up in RBI
-India on cusp of digital revolution
-Allocation for welfare of women and children stepped up from Rs 1.5 lakh crore to Rs 1.84 lakh crore
-50,000 Gram Panchayats to be made poverty free
-Computer Emergency Response Team for financial sector
-Divestment policy to continue
-Listing of PSUs will unlock their true potential
-Propose to setup of integrated oil company to competitive with global biggies
-IRCTC to be listed
-Rs 10,000 for recapitalisation of banks
-Lending target doubled to Rs 2.44 lakh crore
-Total allocation for infrastructure stands at Rs 3,96,135 crore
-Rs 745 crore to help electronic manufacturers
-More than 90 percent FDI is now proposed through the automatic route
-FIPB will be abolished in 2017-18, roadmap will be announced soon
-New FDI policy under consideration
-For senior citizens, Aadhaar-based health cards will be issued
-New rules regarding medical devices will be devised to reduce their cost
-Rs 500 crore allocated to set up Mahila Shakti Kendras; Allocation raised from Rs 1.56 lakh crore to Rs 1.84 lakh crore for women and child welfare
-In higher education, we will undertake reforms in UGC, give autonomy to colleges and institutions
-The allocation for rural agri and allied sector in 2017-18 is record Rs 1,81,223 crore
-1 crore households to be brought out of poverty under Antyodaya Scheme
-To construct one crore houses by 2019 for homeless. PM Awas Yojana allocation raised from Rs 15,000 crore to Rs 23,000 crore
-Sanitation coverage in villages has increased from 42% in October 2016 to 60%, a rise of 18%
-We propose to provide safe drinking water to 28,000 arsenic and fluoride affected habitations
-Rs 27,000 crore to be spent on PMGSY; 1 crore houses to be completed by 2017-18 for houseless
-100% electrification of villages to be completed by May 2018
-Govt to set up dairy processing fund of Rs 8,000 crore over three years with initial corpus of Rs 2,000 crore
-Our agenda for next year is to transform, energise, and clean India
-World Bank expects GDP growth rate at 7.6% in FY18 and 7.8% in FY19
RAILWAYS
- New metro rail policy will be announced
-Standardisation of hardware and software will be carried out
-National highways budget increased to Rs 64,000 crore
-2,000 km of coastal roads will be developed
-1,40,000 km of roads have been built in the three years since 2014
-Selected airports in tier 2 cities will be taken up of operation in PPP mode
-Total budget allocation for transport sector at Rs 2,41,387 crore
-OFC laid 1,55,000 km
-High-speed Internet will be available in 1,50,000 gram panchayats
-Two more strategic oil reserves to be set up – one in Rajasthan and other in Odisha
-250 investment proposals of electronic manufactures have been received in the last two years
-Rs 1,31,000 crore Budget estimate for Railways
-A rail safety fund to be set up with a corpus of 1 lakh crore over a period of 5 years
-Unmanned level crossings will be eliminated by 2020
- 3,500 km new lines will be commissioned by 2017-18
-Railways has set up JVs with 9 state governments
-500 stations will be made differently-abled friendly
-2,000 stations will be made solar powered
-Focus on swachh railways
-Introduce coach mitra facility – single window system for all issues related to coaches
-Bio-toilets in all coaches by 2019
-Railways will implement end-to-end logistics for selected commodities
-Service charge on e-tickets will be withdrawn
-Additional 25,000 PG courses in medicine
-1.5 lakh health care centres will be upgraded
-Allocation for welfare of SC increased to Rs 52,393 crore, ST - Rs 31,920 crore, Minority - Rs 4,193 crore
-8 percent assured interest for senior citizens
-Aadhar card-based smart card for senior citizens
-Mahila Shakti Kendras to be set up at village levels
-Financial scheme for pregnant women has already been announced by the PM
-Rs 6,000 to be given to each pregnant women who undergoes institutional delivery
-Affordable housing will now have infrastructure status
-Banks have already started to reduce lending rates
-Two new AIIMS in Gujarat and Jharkhand
-Innovation fund for secondary education will be introduced to encourage local innovation
-SWAYAM access to be increased through DTH channels
-Market-relevant training to youth
-Emphasis on science education in schools
-PM Kaushal Kendras already in 60 districts and proposal to increase it to 600 districts
-100 India International Centres across the country to train youth to take up jobs abroad
-Next phase of skill strengthening for manufacturing sector will be launched
-Rs 19,000 crore for Pradhan Mantri Gram Sadak Yojana in 2017-18
-Government will set up mini labs in Krishi Vigyan Kendras for agriculture research
-Record allocation of Rs 1,87,223 crore for rural and allied sector in 17-18
-Participation of women in MNREGA has increased to 55 percent
-One crore houses for those living in kaccha houses
-100 percent village electrification by May 01, 2018
-Sanitation in rural areas has gone up 42 percent in 2014 to 60 percent now
-Submission for national rural drinking program
-Rs 48,000 crore for MNREGA – highest ever allocation
-MNREGA to create assets to improve farm productivity
-Geo-tagging of MNREGA projects has helped in bringing transparency
-133 km roads are being built under PMGSY
-Have taken up task of connecting all habitats with more than 100 people
-GDP will be bigger, cleaner after demonetisation
-36% increase in FDI flow; forex reserves at USD 361 billion in January enough to cover 12 months needs
-Demonetisation was a continuation of series of measures taken by govt in 2 years; it is a bold and decisive measure
-Govt took two tectonic policy initiatives - passage of GST Bill and demonetisation
-Effects of demonetisation not expected to spill over to the next year
-Only transient impact on economy due to demonetisation; long-term benefits include higher GDP growth and tax revenue
-Merger of Railways Budget with General Budget brings focus on a multi-modal approach for development of railways, highways, and inland water transport
-Demonetisation will help in transfer of resources from tax evaders to government
-Functional autonomy of the railways to be maintained
-Pace of remonetisation has picked up
-More steps will be taken to benefit farmers and weaker sections; budget being presented during weak global economy
-Dairy processing fund to be set up with a corpus of Rs 2,000 crores
-NABARD to digitise 63000 agri-cooperatives
-To bring 1 crore families out of poverty
-10 lakh farm ponds will be completed under MNREGA by March 2017
-We are moving from informal to formal economy, and the government is now seen as a trusted custodian of public money
-Long-term irrigation fund has been set up in NABARAD with a corpus of Rs 40,000 crore - Rs 5,000 crore micro-irrigation fund
-States will be asked to de-notify perishables from APMCs
-A model law on contract farming will be prepared and circulated among states for adoption
- Government has continued with a steady path of fiscal consolidation
-India's macroeconomic stability continues to be the foundation of our economic success
-My approach in preparing the Budget 2017 is to spend more on rural areas, infrastructure and poverty alleviation with fiscal prudence
-Agriculture expected to grow at 4%
-Double-digit inflation has been controlled; sluggish growth replaced by high growth; war on black money launched
-We have moved from discretionary-based administration to the policy-based one
-Growth and stability through stronger institutions
-Efficient service delivery
-Tax administration – honouring the honest
-Agricultural credit target : Rs 10 lakh crore
-Farmers to also benefit from 60-day loan waiver
-We are on an important point in our growth and development
-Pace of demonetisation has picked up and will soon reach comfortable levels
-Account deficit down to 0.3 percent
-Economic reforms to benefit the poor
-Budget on February 01 will help in avoiding vote on account
-Merger of general budget with railway budget is a historic step
-It will help in developing multi-nodal transport solutions
-It will also facilitate optimal allocation of resources
-TEC India is the new India
-Doubling farmers' income in five years
-Infrastructure in rural areas
-Energising youth
-Prudent fiscal management
-CPI inflation dropped from 6 percent in July 2016 to 4.3 percent in December 2016
-India has become the 6th largest manufacturing country in the world
-India - an engine of global growth
-GST and demonetisation are tectonic reforms
-Demonetisation is a bold and decisive measure
-Tax evasion had become a way of life for some and had bred a parallel economy
-Demonetisation will create a more real GDP
-The advanced economies are expected to increase their growth from 1.6 percent to 1.9 percent and emerging economies from 4.1 percent to 4.5 percent
- The International Monetary Fund estimates that the world GDP will grow by 3.1 percent in 2016 and 3.4 percent in 2017
- India is seen as an engine of global growth, has witnessed historic reform in last one year
- I am reminded of what our father of the nation Mahatma Gandhi said - `A right cause never fails'
-Sluggish growth replaced by high growth
-Many emerging economies will witness recovery in economic growth in 2017
-There are positive signs in global economy
-Current monetary stance of US Fed Reserve may lead to higher capital outflows in emerging economies
- Higher oil prices may also tamper with growth
- Pressures of protectionism are building up in the world
-India stands out as a bright spot
-36 percent increase in FDI
- Foreign reserve has increased to USD 361 billion
-India to be one of the fastest growing economies in 2017
-Spring is a season of optimism, I extend my warm greetings
-People have huge expectations from our government
-Expectations included: Corruption, price rise, and crony capitalism
-We are trying to bring a transformative shift in governance
-Bringing objectivity in decision-making
-Inflation has been controlled and a massive war on black money has been launched
Lok Sabha Speaker Sumitra Mahajan pays obituary to #EAhamed pic.twitter.com/uKBRnxDEQq
— ANI (@ANI_news) February 1, 2017
Instead the house will be adjourned tomorrow as a mark of respect for E Ahamed ji: Sumitra Mahajan
I would have adjourned the house, but today's sitting has been fixed by President for presentation of Budget 2017: Sumitra Mahajan in LS
Union Budget to be presented shortly
Parliament pays respect to E Ahamed
Cabinet meeting concludes, Budget 2017 approved
Saddened by E Ahamed ji's demise but Budget will be presented: Sumitra Mahajan
Budget 2017 will be presented today, formal announcement shortly: Sumitra Mahajan
Arun Jaitley confirms Budget 2017 on course at 11 am
Budget a constitutional obligation: Lok Sabha Speaker Sumitra Mahajan
Watch me live presenting the Union Budget 2017 at 11 am, February 1, 2017, tweets FM Arun Jaitley
Watch me live presenting the Union Budget 2017 at 11 am, February 1, 2017 https://t.co/BtQAlBf8Zz
— Arun Jaitley (@arunjaitley) February 1, 2017
Its not March 31, there is a lot of time to present Budget. Govt can postpone it: Kharge
I think Govt already knew that he had passed away, but they were trying to maybe delay announcement: Kharge
In our opinion, including JDU leaders and former PM Deve Gowda, the Budget should be postponed, says congress leader Mallikarjun Khadge
FM Arun Jaitley reaches the Parliament
Budget will be presented, obituary may happen before or after it, government has spoken to all parties and arrived at consensus: Govt sources
Budget will be presented,obituary may happen before or after it,Government has spoken to all parties and arrived at consensus:Govt sources
— ANI (@ANI_news) February 1, 2017
Budget 2017 copies reach Parliament
Final decision on Budget to be taken by speaker, decision expected by 10 am
FM Arun Jaitley leaves for Rashtrapati Bhavan
FM Arun Jaitley arrives at Finance Ministry
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